The three main sources used to fund CalPERS retirement benefits are from employee retirements contributions, employer contributions, and investment returns. CalPERS is responsible for determining the required retirement contribution rates to ensure retirement benefits are adequately funded. Historically, retirement changes have occurred through the legislative process, or under bargaining agreements between the state and labor organizations.
This policy provides an overview of retirement information and resources to guide departments. A state employee who qualifies for CalPERS membership may be subject to one of five retirement plans based on his or her employment class or position.
Departments should review bargaining unit contracts to identify the appropriate retirement membership or contact CalHR for additional information. You may be trying to access this site from a secured browser on the server. Please enable scripts and reload this page. Skip to main content. Skip Ribbon Commands. Turn on more accessible mode. Turn off more accessible mode. Turn off Animations.
Turn on Animations. Stay Here Redirect Me. Navigation Toggle hidden item. Is Travel Time Covered? Page Content Main. Entry Levels Entry into this series may be at any level in the series. Factors Affecting Position Allocation The level, variety, and complexity of assigned investment analysis, research, and oversight work; independence of action and decision-making authority; responsibility for portfolio management, including decision making for the acquisition and sale of investment assets; and leadership provided, including training, mentoring, project direction, and work coordination.
Minimum Qualifications All Levels: The following education is required when non-California state service is used to qualify at any level: Equivalent to graduation from college preferably with major work in business administration, economics, finance, mathematics, or a closely related field.
Investment Officer I, Public Employees' Retirement System Either I Six months of professional experience performing investment analysis or closely related work for a public agency or private financial institution, insurance company, pension fund, endowment fund, investment firm, real estate development and investment firm, or other private corporation or entity having a major investment program.
Or III Possession of a master's degree with major work in business administration, economics, finance, mathematics, or a closely related field. Or II Experience: Three years of increasingly responsible investment analysis experience for a public agency or private financial institution, insurance company, pension fund, endowment fund, investment firm, real estate development and investment firm, or other private corporation or entity having a major investment management program.
Or II Experience: Five years of increasingly responsible investment analysis experience for a public agency or private financial institution, insurance company, pension fund, endowment fund, investment firm, real estate development and investment firm, or other private corporation or entity having a major investment management program. Knowledge and Abilities All Levels: Knowledge of: Investment principles and practices; investment types and the markets and procedures for their purchase and sale; methods and sources of information for analyzing and valuing investments and assessing investment market trends; economic trends, principles, and practices; business organization and practices; accounting principles and practices; statistical and mathematical methods used in the analysis of investments; and computer applications used in investment analysis and modeling.
Investment Officer II, Public Employees' Retirement System Knowledge of: All of the above, and principles of portfolio construction and management; investment styles and strategies; legal and regulatory provisions affecting investment programs and transactions; methods of assessing and managing investment risk; and capital markets and investment financing.
Incumbents also play a significant role in recommending new and innovative investment policies and strategies, and are expected to make significant contributions to overall investment policy decision-making. Incumbents in this class are the managers of the major functional investment areas, asset classes, and programs within the CalPERS Investment Office, reporting directly to the Chief Investment Officer.
Possession of an advanced degree in one of the fields included above in the education requirement, or certification as a Chartered Financial Analyst or other equivalent financial or accounting certification such as a Certified Public Accountant, may be substituted for one year of the required experience. Experience: Two years of experience in the California state service performing the duties of an Investment Director, Public Employees' Retirement System. Experience: Four years of experience in the California state service performing the duties of an Investment Manager, Public Employees' Retirement System.
Ability to: All of the above, and lead and manage a major functional investment area or large and diverse global investment program; make difficult decisions at a strategic level, weighing the effects those decisions might have on their functional area and other functional areas, as well as to CALPERS as a whole; regularly provide expert policy-level consultation and presentations to the Board of Administration, and develop investment options and strategies that are consistent with their investment objectives and policies; and select and manage external portfolio managers and consultants.
Acts in a professional manner and demonstrates a high degree of integrity, honesty, and ethical behavior; demonstrates openness and trust; establishes and builds rapport by modeling values-based behaviors; exhibits strong interpersonal and mentoring skills; promotes teamwork and cross functional collaboration and communication in support of CalPERS strategic goals, and promotes a high-performance culture where employees are encouraged and enabled to perform to their greatest potential.
Experience: At least 5 years of broad and extensive experience in investment or financial management, public policy or corporate governance; operations, control or servicing; focusing on any of the following: global equity and global fixed income strategy and trading, management of external investment managers, investment risk management, asset allocation strategies, investment research, or defined contribution and affiliate fund administration for a major financial institution, institutional investor, or firm.
Experience: At least 15 years of broad and extensive experience in investment or financial management, public policy or corporate governance; operations, control or servicing; focusing on any of the following: global equity and global fixed income strategy and trading, management of external investment managers, investment risk management, asset allocation strategies, investment research, or defined contribution and affiliate fund administration for a major financial institution, institutional investor, or firm.
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